Budgeting

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We live in a world where new things come out every day, and most times, we want to keep up with most new things like phones, cars, different gadgets, and so on.Proper budgeting is essential for achieving financial freedom. Comparing our lives with others often leads to poor budgeting decisions. Instead of buying new things without considering the consequences, it's necessary to plan and prioritize our spending.

We live in a world where everything is designed to make us spend every day and you will always see what you like and there is always an upgrade to the things around you constantly and for instant clothing, tech, and so on. There is an upgrade every year and there is always something about the new one that the one you are using doesn’t have and that is where budgeting comes in because if you are not careful you always spend on new things for an upgrade and don't need them.

You must have spending limits and creating this will enable you to prioritize what you need over what you want because without this you can quickly finish spending your paycheck and force you into borrowing money to buy things you don’t need and before you know it you are already in debt. No matter how much you are earning if you don’t have a proper budget with it you can quickly finish it and even get into debt.

One of the main reason why people get into bad debt is because of lack of budgeting and some people budget in such a way that they can buy what they want and not what they need, they focus on buying and not saving for emergencies or invest in a project and let thier money work for them.

All we need

We all need financial literacy to be able to budget right because proper budgeting is needed to manage our finance properly and if we can get it right every other aspect of our finance will excel. We must be accountable for every penny we spend and not spend based on emotions.